{"id":22741,"date":"2025-04-04T19:00:00","date_gmt":"2025-04-04T16:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/media-uncover-connection-between-new-bitcoin-miner-cango-and-bitmain\/"},"modified":"2025-04-04T19:00:00","modified_gmt":"2025-04-04T16:00:00","slug":"media-uncover-connection-between-new-bitcoin-miner-cango-and-bitmain","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/media-uncover-connection-between-new-bitcoin-miner-cango-and-bitmain\/","title":{"rendered":"Media Uncover Connection Between New Bitcoin Miner Cango and Bitmain"},"content":{"rendered":"

Cango has agreed to sell its Chinese auto-financing business for $352 million to a firm affiliated with a Bitmain subsidiary, as reported by TheMinerMag<\/a>.<\/p>\n

According to a press release<\/a>, the buyer is Ursalpha Digital Limited. The deal includes an advance payment of $210.6 million and additional payments contingent on meeting tax obligations and reducing the credit risk of the acquired enterprise.<\/p>\n

Publicly traded Cango announced its entry into the bitcoin mining business in November 2024. The company soon acquired the third-largest hash rate among public miners<\/a>, reaching 32 EH\/s. The equipment generating this hash rate, sourced from Bitmain, cost nearly $300 million.<\/p>\n

Journalists noted that as of September 30, Cango had less than $100 million in free cash against total assets valued at $560 million.\u00a0<\/p>\n

In March, the company received<\/a> a non-binding acquisition proposal from Enduring Wealth Capital Limited, clearly affiliated with Bitmain’s financial arm, Antalpha.\u00a0<\/p>\n

This led to speculation that Cango’s mining initiative was initially conceived to make the firm a “proxy” for the largest ASIC miner manufacturer in the cryptocurrency mining sector. This would explain the auto-financing company’s significant equipment holdings, consisting of Antminer S19 XP units, which major miners are actively replacing with the more efficient S21 series.<\/p>\n

Reporters discovered that Ursalpha Digital Limited, formally registered in the British Virgin Islands, shares a corporate address in Hong Kong with Antalpha. The firm’s founding director is Chiu Chang-Wei, a Taiwanese citizen and CEO of the Singapore branch of Bitmain’s financial division.<\/p>\n

\n

“Essentially, Bitmain could list its bitcoin mining assets on the exchange by first selling Cango the deployed capacity of 32 EH\/s, and then using its Antalpha subsidiary to orchestrate a two-way takeover: one entity would acquire Cango’s cryptocurrency mining business, while another would take over its original auto-financing division,” TheMinerMag described the potential scheme.<\/p>\n<\/blockquote>\n

Back in the era of tariffs<\/a> imposed by U.S. President Donald Trump, all Bitmain factories in Southeast Asia were expected to suffer<\/a>, industry experts predicted.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cango has agreed to sell its Chinese auto-financing business for $352 million to a firm affiliated with a Bitmain subsidiary, as reported by TheMinerMag. According to a press release, the buyer is Ursalpha Digital Limited. The deal includes an advance payment of $210.6 million and additional payments contingent on meeting tax obligations and reducing the […]<\/p>\n","protected":false},"author":1,"featured_media":22740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[426,83,1137,1323,1211],"class_list":["post-22741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitmain","tag-business","tag-cryptocurrency-mining","tag-investigations","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"106","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22741"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22740"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}